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Chinese shares fall in slow preholiday trading

Chinese shares fall in slow preholiday trading

Chinese stocks fell for a seventh straight session on Tuesday, as banks and property developers led a broad decline in lackluster trading.
The benchmark Shanghai Composite Index fell 1 percent, or 17.57 points, to 1,832.91. The Shenzhen Composite Index of China's second, smaller market fell 0.8 percent to 560.43.
Investors have stayed on the sidelines ahead of the New Year holiday, which begins on Thursday, seeing little reason to make major moves, analysts said.
"It's boring as usual. There's no hot news," said Gui Haoming, an analyst at Shenyin Wanguo Securities, in Shanghai.
Industrial & Commercial Bank of China, the country's biggest lender, fell 1.9 percent to 3.57 yuan, and Bank of China dropped 1.7 percent to 2.97 yuan.
Leading property developer China Vanke shed 1.7 percent to 6.50 yuan and Poly Real Estate lost 3.2 percent to 14.41 yuan.
The Shanghai benchmark has fallen about 65 percent this year, despite repeated attempts by regulators to spur buying.
Those moves have been stymied by gloomy expectations for corporate earnings, as well as worries over pending releases of previously untraded shares.
Airlines also fell Tuesday after major carrier China Eastern Airlines said it was getting a 7 billion yuan ($1 billion) bailout from its parent company _ more than double the originally planned injection.
China Eastern fell 3.7 percent to 4.49 yuan, Air China tumbled 4.6 percent to 4.16 yuan and China Southern Airlines slipped 0.3 percent to 3.31 yuan.
In currency dealings, the Chinese yuan strengthened to 6.8333 to the U.S. dollar, from its close Monday at 6.8462.


Updated : 2021-01-26 17:40 GMT+08:00